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Private equity firm Advent International to pay $4.8 billion.
Reckitt sold a majority stake in its Essential Home business to private equity firm Advent International. The $4.8 billion deal includes debt. Under terms of the agreement, Reckitt retains a 30% stake in the business, which makes Air Wick fresheners, Cillit Bang cleaners and insecticide Mortein. The decision to retain a stake provides a potential long-term value opportunity and the deal structure maximizes returns for shareholders, according to Reckitt. Essential Home accounted for about 13%...
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